70-134 Ordinance - Laserfiche WebLink

Home Browse Search

~~ ~a -/~~ - 2 - Section 6. Said notes shall. be the full general obligation of the City and the full. faith, credit and revenue of such City are hereby pledged for thepro!mpt payment of the same. The par value to be received frda the :sale of the bonds an- ticipated by said notes and air excess funds resulting fran the issuance of said notes shall to the extant necessary be used only for tht retirement of said notes at maturity, together with interest thereon, and are hereby plec~ed for such pur- pose. Section 7. During the year or years such notes run there shall be levied on all. the taxable property in the City of PPorth Olmsted in addition to all other taxes, a direct tax annually not less than that which wcaa7.d have been levied if bonds had been issued without the prior issue of such notes. Said tax sha11 be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the scree time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the saw, shall be irrevocably pledged for the patent of the principal and interest of said notes or the bonds in anticipation of which they are issued, when and as the same fall due. Section 8. It is hereby determined and recited that all acts, conditions and things necessary to be done preced~ant to and in the issuing of said notes in order to make the same legal, valid and binding obligations of the City of D3orth Olmsted have happened, been done and performed in rear a;ad dtr~e fora as re- quired by law and that no limitation of indebtedries~ or taasti©n, either statu- tory or constitutional, will have been exceeded in the issuaace of said notes. Section 9. The Clerk of Council is hereby authorized and directed to fox- ward acertified copy of this ordinance to the County Auditor of Cuyahoga County. Section 10. This ordinance is hereby declared to be an emergency measure necessary fox the preservation of the public peace, welfare arad sa~erty of this City, and for the further reason that the immediate issuat;ce and sale of the notes herein authorized is necessary to provide fends with which to retire a pre- sently outstanding note and thereby protect the credit of this City; wherefore, this ordinance shall take effect and be in force ire~diately upon its passage and approval by the Mayor. Passed; , 1970 Attest; Nora T. Hill, Clerk o Council Approved: ~ Z,l f 7,~ ~~~~ "~ Ralph Chris an, Mayor °/